Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...

The basic thesis is that the modern 'financial revolution', usually dated to eighteenth century England, but far more properly to the sixteenth-century Netherlands, in terms of those institutions for both government finance (borrowing) and international finance (bills of exchange), owed its...

This paper deliberates on the re-designing of the financial system in Japan, currently ailing seriously. With four conditions in the background - enhanced capability of risk transfer through financial markets, increased participation costs in the financial markets, increases in probabilities of...

We study the stock exchange rivalry between the New York Stock Exchange (NYSE) and the Consolidated Stock Exchange (Consolidated) from 1885 to 1926 using a new database of bid-ask spreads and stock data collected from The New York Times and other primary sources. The magnitude of this important,...

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...

Basically, shadow banking is an original kind of business organization, or better a set of institutions and markets, finalized to disinvest fixed assets and convey them to the financial markets. Nowadays, tackling the subject means penetrating the hard core of financialization. Shadow banking...

In this study that we are conducting, the end goal is to undertake a comparative analysis of the stock markets of Russia, China, South Africa, Argentina and Brazil.

I model a financial market that dries out in the wake of premature liquidations. Two main results are obtained. First, liquidity may vanish even if small, riskneutral buyers could easily compensate the ongoing selling. Thus, more markets are vulnerable to “runs” than suggested by previous...

Gentlemen Bankers investigates the social and economic circles of one of America’s most renowned and influential financiers to uncover how the Morgan family’s power and prestige stemmed from its unique position within a network of local and international relationships. At the turn of the...

In the Newfoundland Bank Crash of 1894, the commercial banks in a duopolistic loan market both went under simultaneously. The banking system was “free”, as central bank, deposit insurance, and lender of last resort were all absent. The objective of this study is to shed light on our...